Decision - Brighton i360 - Decision on Future

This report updates Cabinet on the decision of the board of Brighton i360 Limited to file for administration, the work done by the administrators to seek a sale of Brighton i360's business and assets to new owners through an administration process. It is recommended the council agree to the release of its security on the debt owed to the council by Brighton i360.

1) Cabinet agrees to release the security on its £51m loan debt and rolled-up interest to the Buyer. In return, the city council will receive a future share of revenue, as set out in the Part 2 report. 2) Cabinet delegates authority to the Corporate Director for Operations, following consultation with the Cabinet Member for Finance and City Regeneration, to complete negotiations and any legal documentation required to give effect to recommendation 2.1 above. 3) Cabinet agrees to commission an external independent investigation to understand the circumstances of and lessons from the council's original decision to loan public money to deliver the Brighton i360.

Cabinet considered the administration of Brighton i360 Limited and the proposed sale of its business and assets to a new buyer. It agreed to release the council’s security over the £51 million loan in return for a future share of revenue, and to commission an independent investigation into the original lending decision.